Telecom Egypt seeking financial adviser for sale of stake in Vodafone Egypt

3 Nov 2014

Telecom Egypt (TE) is said to be planning to hire financial advisers for the expected sale of a 45% stake in Vodafone Group local unit, Bloomberg reports, citing a company official. It is understood that the fixed line incumbent has sent requests for proposals to local and international banks with a view to valuing Vodafone Egypt, while these financial institutions are also expected to help identify potential buyers for the stake.

As previously reported by CommsUpdate, in September 2014 it was revealed that TE had been given until December 2015 to divest its 45% stake in Vodafone Egypt as part of approval for the country’s new unified licensing regime which will allow the fixed line operator to enter the wireless sector under its own steam.

Egypt, Telecom Egypt, Vodafone Egypt